Remarks Reinforce Bank of England Governor's Message That Misdeeds Undermine Public Support of Free Markets

MONTREAL—Reforms to the global financial system must go beyond the setting of capital and leverage ratios and include cultural overhaul at the world's leading banks, the head of the International Monetary Fund said on Monday.

Christine Lagarde said the financial world must understand that it is doesn't operate within a "bubble." She said the banking industry must learn "that it has to serve the economy, how it has to...